Mega Islamic bank may be launched in 2012

Thu, 2012-02-23 11:11 — newsdesk

It seems that a long-awaited mega Islamic bank with the headquarter in Bahrain may be launched this year and $600 million of its $one billion capital will be contributed by Islamic banks in the Arab region.
The remaining capital will be subscribed by local sovereign wealth funds and other financial institutions and investors.
According to Adnan Youssef, chairman of the Beirut-based Union of Arab Banks (UAB), first noted that the bank would have a capital of $10 billion and would be a joint venture between regional Islamic banks and other investors.

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